JSM Financial has learned that the firm that in April 2008 announced its plan to build the world’s largest wind turbine has recently announced the resignation of its new chief executive after just 18 months, and confirmed that it expects to post a loss for the second half of last year.
The AIM-listed, California based firm blamed order deferrals and the delayed commissioning of new turbines as reasons for the disappointing results, along with increased costs relating to its recently completed blade remediation program and higher than expected warranty for its already installed fleet of 476 turbines.
Clipper Windpower expects to release the fully audited 2009 figures before the end of March. The company said revenue for 2009 reached around $740 million from the sale of 259 turbines. Clipper however cautioned that it expected to record a loss for the second half of 2009 which will approach the level of $120 million pre-tax loss posted in the first half of the year.
JSM Financial can confirm that simultaneously to the announcement of the poor results came the news that CEO Doug Pertz, who has been in the position for less than 18 months, has resigned.
Clipper Windpower Chairman Jim Dehlsen said that Pertz had seen the company through a transitional period and he had been faced with challenging economic and industry conditions, from the onset of his time with the company.
Pertz, JSM Financial has learned, was immediately replaced by Mauricio Quintana, who will be both president and CEO of Clipper. Previous to his appointment, Quintana had acted as director of corporate strategy and development at United Technologies Corporation for the last two years.
